BASCAP co-chair are Vivendi Universal chairman Jean-René Fourtou from France and EMI Group chairman Eric Nicoli from the United Kingdom.

The group of business leaders are part of BASCAP (Business Action to Stop Counterfeiting and Piracy), a cross-industry initiative of the International Chamber of Commerce. BASCAP has been created to combat counterfeiting and piracy on a global scale.

"BASCAP is a 'task force' against piracy gathering executives at the highest level that can address these issues with world leaders," says a music industry executive. "It is not often that you have people of this level together."

Counterfeiting and piracy are estimated to cost global industry more than $600 billion every year.